Opendoor, a San Francisco, CA-based online real estate marketplace that aims to simplify home buying and selling, closed a $325M Series E funding round.
The round, which brings the total equity raised by Opendoor to $645M, was co-led by General Atlantic, Access Technology Ventures, and Lennar Corporation, with participation from new investors Andreessen Horowitz, Coatue Management, 10100 Fund, and Invitation Homes and existing investors Norwest Venture Partners, Lakestar, GGV Capital, New Enterprise Associates, and Khosla Ventures. In conjunction with the funding, Jon Jaffe, President and Chief Operating Officer of Lennar, will be joining Opendoor’s board.
The company, which has also raised $1.5B in debt financing alongside the equity capital, intends to use the funds to expand its service to additional markets, growing from the 10 it operates in today to 50 markets by the end of 2020. scale its suite of services, such as mortgage and title, which will allow people to search, discover, visit, get financing, offer, and close in a single experience.
Led by Eric Wu, CEO, Opendoor is an online real estate marketplace that simplifies home buying and selling. Opendoor has been used by nearly 20,000 customers. The company currently operates in ten cities, including Atlanta, Charlotte, Dallas-Fort Worth, Las Vegas, Nashville, Orlando, Phoenix, Raleigh-Durham, Tampa and San Antonio.